Will Moore, a director with Sherry Fitzgerald, described the Budget announcement as being "too little" in relation to property and homes, but did acknowledge that the Coalition is making a "couple of small steps in the right direction" to deal with the crisis.

"We would say it was too little. We think it is great that they are starting to do that, but we would be looking for more supply than that. But it is great that they are kicking it off and starting to do this initiative," Mr Moore said.

"They are doing 20,000 over four years, so that is about 5,000 on average over four years.

"But we would think the greater Dublin area probably needs more like 10,000 to 15,000 new properties over the next 10 years.

"It is a positive step in the right direction but we were hoping for a bit more."

He said the market was currently "under-supplied", and that there was a lack of stock in the greater Dublin area for "people to buy or rent".

"The measures were baby steps in the right direction, but we would have hoped for a little more. There was nothing really to drag investors back in," Mr Moore added.